Financial News
Equity Residential Reports Second Quarter 2024 Results
Guidance Updated on Strong Operating Fundamentals
Equity Residential (NYSE: EQR) today reported results for the quarter and six months ended June 30, 2024.
Second Quarter 2024 Results
All per share results are reported as available to common shares/units on a diluted basis.
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Quarter Ended June 30, |
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2024 |
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2023 |
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$ Change |
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% Change |
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Earnings Per Share (EPS) |
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$ |
0.47 |
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$ |
0.37 |
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$ |
0.10 |
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27.0 |
% |
Funds from Operations (FFO) per share |
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$ |
0.94 |
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$ |
0.93 |
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$ |
0.01 |
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1.1 |
% |
Normalized FFO (NFFO) per share |
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$ |
0.97 |
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$ |
0.94 |
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$ |
0.03 |
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3.2 |
% |
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Six Months Ended June 30, |
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2024 |
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2023 |
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$ Change |
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% Change |
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Earnings Per Share (EPS) |
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$ |
1.24 |
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$ |
0.92 |
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$ |
0.32 |
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34.8 |
% |
Funds from Operations (FFO) per share |
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$ |
1.80 |
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$ |
1.78 |
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$ |
0.02 |
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1.1 |
% |
Normalized FFO (NFFO) per share |
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$ |
1.91 |
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$ |
1.82 |
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$ |
0.09 |
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4.9 |
% |
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Recent Highlights
- Same store revenue increased 2.9% for the second quarter of 2024 compared to the second quarter of 2023, driven by strong demand and modest supply across most of our markets. Same store expense increased 2.7% with low growth in our primary expense categories. Same store Net Operating Income (NOI) increased 3.0%.
- The Company raised the guidance midpoint for its same store revenues by 70 basis points to 3.2% driven by better Physical Occupancy and Blended Rate. The Company also lowered the guidance midpoint for its same store expenses by 100 basis points to 3.0% and increased the guidance midpoint for its same store NOI by 145 basis points to 3.25%.
- Subsequent to the end of the second quarter of 2024, the Company acquired two properties consisting of 644 apartment units, located in Atlanta and Dallas/Ft. Worth, for an aggregate acquisition price of $216.8 million. The Company is also under contract to acquire an additional property consisting of 202 apartment units, located in Denver, for an acquisition price of $77.0 million.
"We are pleased to report results that exceeded our expectations and to be seeing positive forward momentum in our business which led us to significantly improve our guidance," said Mark J. Parrell, Equity Residential's President and CEO. "Our portfolio continues to benefit from steady demand from our well-employed, higher earning renter demographic, elevated single family housing costs and manageable new apartment supply across most of our markets. We also continue to see positive customer satisfaction and employee engagement results. I commend my colleagues across the Company for their work in obtaining these outstanding results."
Full Year 2024 Guidance
The Company has revised its guidance for its full year 2024 same store operating performance, EPS, FFO per share and Normalized FFO per share as listed below:
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Revised |
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Previous |
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Change at Midpoint |
Same Store (includes Residential and Non-Residential): |
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Physical Occupancy |
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96.2% |
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95.9% |
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0.3% |
Revenue change |
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2.9% to 3.5% |
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2.0% to 3.0% |
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0.7% |
Expense change |
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2.5% to 3.5% |
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3.5% to 4.5% |
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(1.0%) |
Net Operating Income (NOI) change |
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3.0% to 3.5% |
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1.0% to 2.6% |
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1.45% |
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EPS |
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$3.04 to $3.10 |
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$2.91 to $3.01 |
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$0.11 |
Growth at midpoint vs. 2023 actual |
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39.5% |
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34.5% |
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FFO per share |
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$3.72 to $3.78 |
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$3.74 to $3.84 |
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$(0.04) |
Growth at midpoint vs. 2023 actual |
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0.0% |
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1.1% |
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Normalized FFO per share |
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$3.86 to $3.92 |
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$3.80 to $3.90 |
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$0.04 |
Growth at midpoint vs. 2023 actual |
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2.9% |
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1.9% |
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The change in the full year 2024 EPS guidance range is due primarily to higher expected property sale gains, partially offset by higher expected depreciation expense, higher expected other expenses and the items described below.
The change in the full year 2024 FFO per share guidance range is due primarily to higher expected other expenses, partially offset by the items described below.
The change in the full year 2024 Normalized FFO per share guidance range is due primarily to:
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Expected
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Revised Full Year 2024 vs.
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Same store NOI |
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$ |
0.07 |
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Corporate overhead (1) |
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(0.02 |
) |
Other items |
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(0.01 |
) |
Net |
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$ |
0.04 |
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| (1) | Corporate overhead includes property management and general and administrative expenses. |
The Company has a glossary of defined terms and related reconciliations of Non-GAAP financial measures on pages 29 through 34 of this release. Reconciliations and definitions of FFO and Normalized FFO are provided on pages 7, 31 and 32 of this release.
Results Per Share
The changes in EPS for the quarter and six months ended June 30, 2024 compared to the same periods of 2023 are due primarily to higher property sale gains, the various adjustment items listed on page 27 of this release and the items described below.
The per share changes in FFO for the quarter and six months ended June 30, 2024 compared to the same periods of 2023 are due primarily to the various adjustment items listed on page 27 of this release and the items described below.
The per share changes in Normalized FFO are due primarily to:
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Positive/(Negative) Impact |
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Second Quarter 2024 vs.
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June YTD 2024 vs.
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Same store NOI |
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$ |
0.04 |
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$ |
0.10 |
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Lease-Up NOI |
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– |
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0.01 |
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2024 and 2023 transaction activity impact on NOI, net |
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(0.01 |
) |
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(0.02 |
) |
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Corporate overhead |
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(0.01 |
) |
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(0.02 |
) |
Other items |
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0.01 |
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0.02 |
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Net |
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$ |
0.03 |
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$ |
0.09 |
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Same Store Results
The following table shows the total same store results for the periods presented (includes Residential and Non-Residential).
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Second Quarter 2024 vs.
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Second Quarter 2024 vs.
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June YTD 2024 vs.
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Apartment Units |
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77,054 |
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77,893 |
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77,054 |
Physical Occupancy |
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96.4% vs. 95.9% |
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96.4% vs. 96.3% |
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96.3% vs. 95.9% |
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Revenues |
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2.9% |
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0.5% |
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3.5% |
Expenses |
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2.7% |
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(2.6%) |
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2.0% |
NOI |
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3.0% |
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2.0% |
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4.3% |
The following table reflects the detail of the change in Same Store Residential Revenues, which is presented on a GAAP basis showing Leasing Concessions on a straight-line basis.
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Second Quarter 2024 vs.
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Second Quarter 2024 vs.
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June YTD 2024 vs.
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% Change |
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% Change |
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% Change |
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Same Store Residential Revenues- |
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comparable period |
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Lease rates |
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2.5 |
% |
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0.7 |
% |
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2.7 |
% |
Leasing Concessions |
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(0.3 |
%) |
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0.0 |
% |
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(0.3 |
%) |
Vacancy gain (loss) |
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0.4 |
% |
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(0.1 |
%) |
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0.4 |
% |
Bad Debt, Net (1) |
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0.2 |
% |
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0.2 |
% |
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0.2 |
% |
Other (2) |
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0.2 |
% |
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0.2 |
% |
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0.4 |
% |
Same Store Residential Revenues- |
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current period |
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3.0 |
% |
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1.0 |
% |
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3.4 |
% |
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(1) |
Change in rental income due to bad debt write-offs and reserves, net of amounts (including governmental rental assistance payments) collected on previously written-off or reserved accounts. See page 13 for more detail. |
(2) |
Includes ancillary income, utility recoveries, early lease termination income, miscellaneous income and other items. |
See page 12 for detail and reconciliations of Same Store Residential Revenues on a GAAP basis to Same Store Residential Revenues with Leasing Concessions on a cash basis.
Residential Same Store Operating Statistics
The following table includes select operating metrics for Residential Same Store Properties (for 77,054 same store apartment units):
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Q2 2024 |
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Q1 2024 |
Physical Occupancy |
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96.4% |
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96.3% |
Percentage of Residents Renewing by quarter |
57.6% |
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61.1% |
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New Lease Change |
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0.2% |
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(2.2%) |
Renewal Rate Achieved |
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5.0% |
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4.7% |
Blended Rate (1) |
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2.9% |
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1.6% |
| (1) | Blended Rates for Established Markets were 3.3% and 1.8% for Q2 2024 and Q1 2024, respectively. See page 17. |
June 2024 Blended Rate improved relative to April and May 2024. July 2024 Blended Rate is performing in line with the second quarter of 2024 and is consistent with expectations for this time of year. Management expects the third quarter of 2024 Blended Rate to increase between 2.0% and 3.0% which reflects typical seasonal moderation after the prime leasing season.
Investment Activity
Subsequent to the end of the second quarter of 2024, the Company acquired two properties consisting of 644 apartment units, located in Atlanta and Dallas/Ft. Worth, for an aggregate acquisition price of $216.8 million. The Company is also under contract to acquire an additional property consisting of 202 apartment units, located in Denver, for an acquisition price of $77.0 million.
During the second quarter of 2024, the Company acquired a 160 apartment unit property, located in suburban Boston and completed in 2023, for approximately $62.6 million at an Acquisition Cap Rate of 5.7%. During the second quarter of 2024, the Company sold two properties - one in suburban Washington, D.C. and one in San Francisco - consisting of 327 total apartment units, for an aggregate sale price of approximately $85.5 million at a weighted average Disposition Yield of 6.2%. The average age of the properties sold in the second quarter of 2024 was approximately 35 years.
During the first six months of 2024, the Company acquired the one property in suburban Boston described above. Also during the first six months of 2024, the Company sold five properties consisting of 831 apartment units, for an aggregate sale price of approximately $334.0 million at a weighted average Disposition Yield of 5.7%.
Third Quarter 2024 Guidance
The Company has established guidance ranges for the third quarter of 2024 EPS, FFO per share and Normalized FFO per share as listed below:
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Q3 2024
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EPS |
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$0.49 to $0.53 |
FFO per share |
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$0.94 to $0.98 |
Normalized FFO per share |
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$0.96 to $1.00 |
The difference between the second quarter of 2024 actual EPS of $0.47 and the third quarter of 2024 EPS guidance midpoint of $0.51 is due primarily to higher expected property sale gains and the items described below.
The difference between the second quarter of 2024 actual FFO of $0.94 per share and the third quarter of 2024 FFO guidance midpoint of $0.96 per share is due primarily to the items described below.
The difference between the second quarter of 2024 actual Normalized FFO of $0.97 per share and the third quarter of 2024 Normalized FFO guidance midpoint of $0.98 per share is due primarily to:
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Expected
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Third Quarter 2024 vs.
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Interest expense, net |
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$ |
(0.01 |
) |
Corporate overhead |
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0.02 |
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Net |
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$ |
0.01 |
|
About Equity Residential
Equity Residential is committed to creating communities where people thrive. The Company, a member of the S&P 500, is focused on the acquisition, development and management of residential properties located in and around dynamic cities that attract affluent long-term renters. Equity Residential owns or has investments in 299 properties consisting of 79,738 apartment units, with an established presence in Boston, New York, Washington, D.C., Seattle, San Francisco and Southern California, and an expanding presence in Denver, Atlanta, Dallas/Ft. Worth and Austin. For more information on Equity Residential, please visit our website at www.equityapartments.com.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements and information within the meaning of the federal securities laws. These statements are based on current expectations, estimates, projections and assumptions made by management. While Equity Residential’s management believes the assumptions underlying its forward-looking statements are reasonable, such information is inherently subject to uncertainties and may involve certain risks, including, without limitation, changes in general market conditions, including the rate of job growth and cost of labor and construction material, the level of new multifamily construction and development, government regulations and competition. These and other risks and uncertainties are described under the heading “Risk Factors” in our Annual Report on Form 10-K and subsequent periodic reports filed with the Securities and Exchange Commission (SEC) and available on our website, www.equityapartments.com. Many of these uncertainties and risks are difficult to predict and beyond management’s control. Forward-looking statements are not guarantees of future performance, results or events. Equity Residential assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
A live web cast of the Company’s conference call discussing these results will take place tomorrow, Tuesday, July 30, 2024 at 10:00 a.m. CT. Please visit the Investor section of the Company’s website at www.equityapartments.com for the webcast link.
Equity Residential |
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Consolidated Statements of Operations |
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(Amounts in thousands except per share data) |
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(Unaudited) |
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Six Months Ended June 30, |
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Quarter Ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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REVENUES |
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Rental income |
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$ |
1,464,981 |
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$ |
1,422,397 |
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$ |
734,163 |
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$ |
717,309 |
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EXPENSES |
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Property and maintenance |
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261,128 |
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262,350 |
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126,498 |
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124,771 |
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Real estate taxes and insurance |
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214,498 |
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209,749 |
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105,571 |
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|
103,080 |
|
Property management |
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68,969 |
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62,145 |
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33,511 |
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30,679 |
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General and administrative |
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34,351 |
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35,041 |
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18,631 |
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|
18,876 |
|
Depreciation |
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|
450,093 |
|
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|
437,185 |
|
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|
224,398 |
|
|
|
221,355 |
|
Total expenses |
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1,029,039 |
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1,006,470 |
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508,609 |
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498,761 |
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Net gain (loss) on sales of real estate properties |
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227,994 |
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|
100,122 |
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39,809 |
|
|
|
(87 |
) |
Interest and other income |
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|
10,657 |
|
|
|
3,669 |
|
|
|
1,328 |
|
|
|
2,131 |
|
Other expenses |
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(45,123 |
) |
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(15,559 |
) |
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(13,385 |
) |
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(6,564 |
) |
Interest: |
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Expense incurred, net |
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(133,040 |
) |
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(131,991 |
) |
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(65,828 |
) |
|
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(65,590 |
) |
Amortization of deferred financing costs |
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(3,836 |
) |
|
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(3,996 |
) |
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(1,918 |
) |
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|
(2,017 |
) |
Income before income and other taxes, income (loss) from |
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investments in unconsolidated entities and net gain (loss)
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492,594 |
|
|
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368,172 |
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|
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185,560 |
|
|
|
146,421 |
|
Income and other tax (expense) benefit |
|
|
(635 |
) |
|
|
(634 |
) |
|
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(331 |
) |
|
|
(336 |
) |
Income (loss) from investments in unconsolidated entities |
|
|
(3,372 |
) |
|
|
(2,605 |
) |
|
|
(1,674 |
) |
|
|
(1,223 |
) |
Net income |
|
|
488,587 |
|
|
|
364,933 |
|
|
|
183,555 |
|
|
|
144,862 |
|
Net (income) loss attributable to Noncontrolling Interests: |
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Operating Partnership |
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(13,278 |
) |
|
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(11,613 |
) |
|
|
(5,003 |
) |
|
|
(4,554 |
) |
Partially Owned Properties |
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|
(2,039 |
) |
|
|
(2,082 |
) |
|
|
(1,069 |
) |
|
|
(1,105 |
) |
Net income attributable to controlling interests |
|
|
473,270 |
|
|
|
351,238 |
|
|
|
177,483 |
|
|
|
139,203 |
|
Preferred distributions |
|
|
(902 |
) |
|
|
(1,545 |
) |
|
|
(355 |
) |
|
|
(773 |
) |
Premium on redemption of Preferred Shares |
|
|
(1,444 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income available to Common Shares |
|
$ |
470,924 |
|
|
$ |
349,693 |
|
|
$ |
177,128 |
|
|
$ |
138,430 |
|
|
|
|
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|
|
|
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|
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|
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Earnings per share – basic: |
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|
|
|
|
|
|
|
|
|
|
||||
Net income available to Common Shares |
|
$ |
1.24 |
|
|
$ |
0.92 |
|
|
$ |
0.47 |
|
|
$ |
0.37 |
|
Weighted average Common Shares outstanding |
|
|
378,699 |
|
|
|
378,492 |
|
|
|
378,578 |
|
|
|
378,642 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
||||
Earnings per share – diluted: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income available to Common Shares |
|
$ |
1.24 |
|
|
$ |
0.92 |
|
|
$ |
0.47 |
|
|
$ |
0.37 |
|
Weighted average Common Shares outstanding |
|
|
390,548 |
|
|
|
391,063 |
|
|
|
390,542 |
|
|
|
391,187 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
||||
Distributions declared per Common Share outstanding |
|
$ |
1.35 |
|
|
$ |
1.325 |
|
|
$ |
0.675 |
|
|
$ |
0.6625 |
|
Equity Residential |
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Consolidated Statements of Funds From Operations and Normalized Funds From Operations |
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(Amounts in thousands except per share and Unit data) |
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(Unaudited) |
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|
|
Six Months Ended June 30, |
|
Quarter Ended June 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net income |
|
$ |
488,587 |
|
|
$ |
364,933 |
|
|
$ |
183,555 |
|
|
$ |
144,862 |
|
Net (income) loss attributable to Noncontrolling Interests – Partially |
||||||||||||||||
Owned Properties |
|
(2,039 |
) |
|
|
(2,082 |
) |
|
|
(1,069 |
) |
|
|
(1,105 |
) |
|
Preferred distributions |
|
|
(902 |
) |
|
|
(1,545 |
) |
|
|
(355 |
) |
|
|
(773 |
) |
Premium on redemption of Preferred Shares |
|
|
(1,444 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income available to Common Shares and Units |
|
|
484,202 |
|
|
|
361,306 |
|
|
|
182,131 |
|
|
|
142,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation |
|
|
450,093 |
|
|
|
437,185 |
|
|
|
224,398 |
|
|
|
221,355 |
|
Depreciation – Non-real estate additions |
|
|
(1,897 |
) |
|
|
(2,259 |
) |
|
|
(942 |
) |
|
|
(1,103 |
) |
Depreciation – Partially Owned Properties |
|
|
(1,089 |
) |
|
|
(1,055 |
) |
|
|
(547 |
) |
|
|
(510 |
) |
Depreciation – Unconsolidated Properties |
|
|
1,452 |
|
|
|
1,226 |
|
|
|
1,117 |
|
|
|
594 |
|
Net (gain) loss on sales of real estate properties |
|
|
(227,994 |
) |
|
|
(100,122 |
) |
|
|
(39,809 |
) |
|
|
87 |
|
FFO available to Common Shares and Units |
|
|
704,767 |
|
|
|
696,281 |
|
|
|
366,348 |
|
|
|
363,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjustments (see note for additional detail): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Write-off of pursuit costs |
|
|
1,369 |
|
|
|
1,993 |
|
|
|
821 |
|
|
|
661 |
|
Debt extinguishment and preferred share redemption (gains) |
||||||||||||||||
losses |
|
|
1,444 |
|
|
|
47 |
|
|
|
— |
|
|
|
47 |
|
Non-operating asset (gains) losses |
|
|
(3,216 |
) |
|
|
1,031 |
|
|
|
2,890 |
|
|
|
317 |
|
Other miscellaneous items |
|
|
40,674 |
|
|
|
11,343 |
|
|
|
10,083 |
|
|
|
5,051 |
|
Normalized FFO available to Common Shares and Units |
|
$ |
745,038 |
|
|
$ |
710,695 |
|
|
$ |
380,142 |
|
|
$ |
369,483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
FFO |
|
$ |
707,113 |
|
|
$ |
697,826 |
|
|
$ |
366,703 |
|
|
$ |
364,180 |
|
Preferred distributions |
|
|
(902 |
) |
|
|
(1,545 |
) |
|
|
(355 |
) |
|
|
(773 |
) |
Premium on redemption of Preferred Shares |
|
|
(1,444 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
FFO available to Common Shares and Units |
|
$ |
704,767 |
|
|
$ |
696,281 |
|
|
$ |
366,348 |
|
|
$ |
363,407 |
|
FFO per share and Unit – basic |
|
$ |
1.81 |
|
|
$ |
1.79 |
|
|
$ |
0.94 |
|
|
$ |
0.93 |
|
FFO per share and Unit – diluted |
|
$ |
1.80 |
|
|
$ |
1.78 |
|
|
$ |
0.94 |
|
|
$ |
0.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Normalized FFO |
|
$ |
745,940 |
|
|
$ |
712,240 |
|
|
$ |
380,497 |
|
|
$ |
370,256 |
|
Preferred distributions |
|
|
(902 |
) |
|
|
(1,545 |
) |
|
|
(355 |
) |
|
|
(773 |
) |
Normalized FFO available to Common Shares and Units |
|
$ |
745,038 |
|
|
$ |
710,695 |
|
|
$ |
380,142 |
|
|
$ |
369,483 |
|
Normalized FFO per share and Unit – basic |
|
$ |
1.91 |
|
|
$ |
1.82 |
|
|
$ |
0.98 |
|
|
$ |
0.95 |
|
Normalized FFO per share and Unit – diluted |
|
$ |
1.91 |
|
|
$ |
1.82 |
|
|
$ |
0.97 |
|
|
$ |
0.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted average Common Shares and Units outstanding – basic |
|
|
389,380 |
|
|
|
389,942 |
|
|
|
389,271 |
|
|
|
390,032 |
|
Weighted average Common Shares and Units outstanding – diluted |
|
390,548 |
|
|
|
391,063 |
|
|
|
390,542 |
|
|
|
391,187 |
|
|
Note: See Adjustments from FFO to Normalized FFO for additional detail regarding the adjustments from FFO to Normalized FFO. See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for the definitions of non-GAAP financial measures and other terms as well as the reconciliations of EPS to FFO per share and Normalized FFO per share.
Equity Residential |
||||||||
Consolidated Balance Sheets |
||||||||
(Amounts in thousands except for share amounts) |
||||||||
(Unaudited) |
||||||||
|
|
June 30, |
|
December 31, |
||||
|
|
2024 |
|
2023 |
||||
ASSETS |
|
|
|
|
|
|
||
Land |
|
$ |
5,540,352 |
|
|
$ |
5,581,876 |
|
Depreciable property |
|
|
23,004,377 |
|
|
|
22,938,426 |
|
Projects under development |
|
|
188,283 |
|
|
|
78,036 |
|
Land held for development |
|
|
64,781 |
|
|
|
114,300 |
|
Investment in real estate |
|
|
28,797,793 |
|
|
|
28,712,638 |
|
Accumulated depreciation |
|
|
(10,163,756 |
) |
|
|
(9,810,337 |
) |
Investment in real estate, net |
|
|
18,634,037 |
|
|
|
18,902,301 |
|
Investments in unconsolidated entities1 |
|
|
341,871 |
|
|
|
282,049 |
|
Cash and cash equivalents |
|
|
38,298 |
|
|
|
50,743 |
|
Restricted deposits |
|
|
100,123 |
|
|
|
89,252 |
|
Right-of-use assets |
|
|
450,796 |
|
|
|
457,266 |
|
Other assets |
|
|
214,443 |
|
|
|
252,953 |
|
Total assets |
|
$ |
19,779,568 |
|
|
$ |
20,034,564 |
|
|
|
|
|
|
|
|
||
LIABILITIES AND EQUITY |
|
|
|
|
|
|
||
Liabilities: |
|
|
|
|
|
|
||
Mortgage notes payable, net |
|
$ |
1,634,838 |
|
|
$ |
1,632,902 |
|
Notes, net |
|
|
5,351,461 |
|
|
|
5,348,417 |
|
Line of credit and commercial paper |
|
|
170,884 |
|
|
|
409,131 |
|
Accounts payable and accrued expenses |
|
|
114,413 |
|
|
|
87,377 |
|
Accrued interest payable |
|
|
65,585 |
|
|
|
65,716 |
|
Lease liabilities |
|
|
309,182 |
|
|
|
311,640 |
|
Other liabilities |
|
|
292,424 |
|
|
|
272,596 |
|
Security deposits |
|
|
69,848 |
|
|
|
69,178 |
|
Distributions payable |
|
|
263,668 |
|
|
|
259,231 |
|
Total liabilities |
|
|
8,272,303 |
|
|
|
8,456,188 |
|
|
|
|
|
|
|
|
||
Commitments and contingencies |
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Redeemable Noncontrolling Interests – Operating Partnership |
|
|
327,641 |
|
|
|
289,248 |
|
Equity: |
|
|
|
|
|
|
||
Shareholders' equity: |
|
|
|
|
|
|
||
Preferred Shares of beneficial interest, $0.01 par value; |
||||||||
100,000,000 shares authorized; 343,100 shares issued and
|
|
|
17,155 |
|
|
|
37,280 |
|
Common Shares of beneficial interest, $0.01 par value; |
||||||||
1,000,000,000 shares authorized; 379,086,882 shares issued
|
|
|
3,791 |
|
|
|
3,793 |
|
Paid in capital |
|
|
9,590,105 |
|
|
|
9,601,866 |
|
Retained earnings |
|
|
1,357,922 |
|
|
|
1,437,185 |
|
Accumulated other comprehensive income (loss) |
|
|
6,914 |
|
|
|
5,704 |
|
Total shareholders’ equity |
|
|
10,975,887 |
|
|
|
11,085,828 |
|
Noncontrolling Interests: |
|
|
|
|
|
|
||
Operating Partnership |
|
|
204,032 |
|
|
|
202,306 |
|
Partially Owned Properties |
|
|
(295 |
) |
|
|
994 |
|
Total Noncontrolling Interests |
|
|
203,737 |
|
|
|
203,300 |
|
Total equity |
|
|
11,179,624 |
|
|
|
11,289,128 |
|
Total liabilities and equity |
|
$ |
19,779,568 |
|
|
$ |
20,034,564 |
|
1 Includes $279.8 million and $220.2 million in unconsolidated development projects as of June 30, 2024 and December 31, 2023, respectively. See Development and Lease-Up Projects for additional detail on unconsolidated projects.
Equity Residential Portfolio Summary As of June 30, 2024 |
|
|
|
|
|
|
|
|
% of
|
|
Average |
||||||
|
|
|
|
|
Apartment |
|
Budgeted |
|
Rental |
|||||||
Markets/Metro Areas |
|
Properties |
|
Units |
|
NOI |
|
Rate |
||||||||
Established Markets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Los Angeles |
|
|
58 |
|
|
|
14,732 |
|
|
|
17.3 |
% |
|
$ |
2,936 |
|
Orange County |
|
|
12 |
|
|
|
3,718 |
|
|
|
5.0 |
% |
|
|
2,914 |
|
San Diego |
|
|
12 |
|
|
|
2,878 |
|
|
|
4.0 |
% |
|
|
3,127 |
|
Subtotal – Southern California |
|
|
82 |
|
|
|
21,328 |
|
|
|
26.3 |
% |
|
|
2,958 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Washington, D.C. |
|
|
47 |
|
|
|
14,866 |
|
|
|
16.2 |
% |
|
|
2,703 |
|
San Francisco |
|
|
41 |
|
|
|
11,410 |
|
|
|
15.2 |
% |
|
|
3,323 |
|
New York |
|
|
34 |
|
|
|
8,536 |
|
|
|
14.2 |
% |
|
|
4,610 |
|
Boston |
|
|
27 |
|
|
|
7,237 |
|
|
|
11.9 |
% |
|
|
3,595 |
|
Seattle |
|
|
44 |
|
|
|
9,267 |
|
|
|
10.5 |
% |
|
|
2,604 |
|
Subtotal – Established Markets |
|
|
275 |
|
|
|
72,644 |
|
|
|
94.3 |
% |
|
|
3,177 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Expansion Markets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Denver |
|
|
10 |
|
|
|
3,001 |
|
|
|
3.0 |
% |
|
|
2,407 |
|
Atlanta |
|
|
7 |
|
|
|
2,111 |
|
|
|
1.6 |
% |
|
|
2,050 |
|
Dallas/Ft. Worth |
|
|
4 |
|
|
|
1,241 |
|
|
|
0.7 |
% |
|
|
1,912 |
|
Austin |
|
|
3 |
|
|
|
741 |
|
|
|
0.4 |
% |
|
|
1,798 |
|
Subtotal – Expansion Markets |
|
|
24 |
|
|
|
7,094 |
|
|
|
5.7 |
% |
|
|
2,152 |
|
Total |
|
|
299 |
|
|
|
79,738 |
|
|
|
100.0 |
% |
|
$ |
3,087 |
|
|
|
Properties |
|
Apartment Units |
Wholly Owned Properties |
|
284 |
|
76,469 |
Partially Owned Properties – Consolidated |
|
14 |
|
3,060 |
Partially Owned Properties – Unconsolidated |
|
1 |
|
209 |
|
|
299 |
|
79,738 |
Note: Projects under development are not included in the Portfolio Summary until construction has been completed.
Equity Residential |
Portfolio Rollforward Q2 2024 |
||||||||||||||||
($ in thousands) |
||||||||||||||||
|
|
Properties |
|
Apartment
|
|
Purchase Price |
|
Acquisition
|
||||||||
3/31/2024 |
|
|
299 |
|
|
|
79,688 |
|
|
|
|
|
|
|
||
Acquisitions: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated Rental Properties – Not Stabilized (1) |
|
|
1 |
|
|
|
160 |
|
|
$ |
62,595 |
|
|
|
5.7 |
% |
Unconsolidated Land Parcels (2) |
|
|
— |
|
|
|
— |
|
|
$ |
33,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
Sales Price |
|
Disposition
|
||||||
Dispositions: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated Rental Properties |
|
|
(2 |
) |
|
|
(327 |
) |
|
$ |
(85,500 |
) |
|
|
(6.2 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Completed Developments – Unconsolidated |
|
|
1 |
|
|
|
209 |
|
|
|
|
|
|
|
||
Configuration Changes |
|
|
— |
|
|
|
8 |
|
|
|
|
|
|
|
||
6/30/2024 |
|
|
299 |
|
|
|
79,738 |
|
|
|
|
|
|
|
||
Portfolio Rollforward 2024 |
||||||||||||||||
($ in thousands) |
||||||||||||||||
|
|
Properties |
|
Apartment
|
|
Purchase
|
|
Acquisition
|
||||||||
12/31/2023 |
|
|
302 |
|
|
|
80,191 |
|
|
|
|
|
|
|
||
Acquisitions: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated Rental Properties – Not Stabilized (1) |
|
|
1 |
|
|
|
160 |
|
|
$ |
62,595 |
|
|
|
5.7 |
% |
Unconsolidated Land Parcels (2) |
|
|
— |
|
|
|
— |
|
|
$ |
33,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
Sales Price |
|
Disposition
|
||||||
Dispositions: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Consolidated Rental Properties |
|
|
(5 |
) |
|
|
(831 |
) |
|
$ |
(334,000 |
) |
|
|
(5.7 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Completed Developments – Unconsolidated |
|
|
1 |
|
|
|
209 |
|
|
|
|
|
|
|
||
Configuration Changes |
|
|
— |
|
|
|
9 |
|
|
|
|
|
|
|
||
6/30/2024 |
|
|
299 |
|
|
|
79,738 |
|
|
|
|
|
|
|
||
(1) |
The Company acquired one property in the Boston market in the second quarter of 2024 that is in lease-up and is expected to stabilize in its second year of ownership at the Acquisition Cap Rate listed above. |
(2) |
The Company previously entered into separate unconsolidated joint ventures for the purpose of developing vacant land parcels in suburban Boston, MA and suburban Seattle, WA. The joint ventures acquired their respective land parcels during the second quarter of 2024 for the total purchase price listed. The Company's total investment in these two joint ventures is approximately $53.0 million as of June 30, 2024 |
Equity Residential |
Second Quarter 2024 vs. Second Quarter 2023 |
||||||||||||||||||||||||
Same Store Results/Statistics Including 77,054 Same Store Apartment Units |
||||||||||||||||||||||||
(includes Residential and Non-Residential) |
||||||||||||||||||||||||
($ in thousands except for Average Rental Rate) |
||||||||||||||||||||||||
|
|
Results |
|
Statistics |
||||||||||||||||||||
Description |
|
Revenues |
|
Expenses |
|
NOI |
|
Average
|
|
Physical
|
|
Turnover |
||||||||||||
Q2 2024 |
|
$ |
718,169 |
|
|
$ |
224,525 |
|
|
$ |
493,644 |
|
|
$ |
3,107 |
|
|
|
96.4 |
% |
|
|
11.7 |
% |
Q2 2023 |
|
$ |
697,784 |
|
|
$ |
218,681 |
|
|
$ |
479,103 |
|
|
$ |
3,031 |
|
|
|
95.9 |
% |
|
|
11.6 |
% |
Change |
|
$ |
20,385 |
|
|
$ |
5,844 |
|
|
$ |
14,541 |
|
|
$ |
76 |
|
|
|
0.5 |
% |
|
|
0.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Change |
|
|
2.9 |
% |
|
|
2.7 |
% |
|
|
3.0 |
% |
|
|
2.5 |
% |
|
|
|
|
|
|
||
Second Quarter 2024 vs. First Quarter 2024 |
||||||||||||||||||||||||
Same Store Results/Statistics Including 77,893 Same Store Apartment Units |
||||||||||||||||||||||||
(includes Residential and Non-Residential) |
||||||||||||||||||||||||
($ in thousands except for Average Rental Rate) |
||||||||||||||||||||||||
|
|
Results |
|
Statistics |
||||||||||||||||||||
Description |
|
Revenues |
|
Expenses |
|
NOI |
|
Average
|
|
Physical
|
|
Turnover |
||||||||||||
Q2 2024 |
|
$ |
723,146 |
|
|
$ |
226,320 |
|
|
$ |
496,826 |
|
|
$ |
3,096 |
|
|
|
96.4 |
% |
|
|
11.7 |
% |
Q1 2024 |
|
$ |
719,329 |
|
|
$ |
232,422 |
|
|
$ |
486,907 |
|
|
$ |
3,069 |
|
|
|
96.3 |
% |
|
|
8.6 |
% |
Change |
|
$ |
3,817 |
|
|
$ |
(6,102 |
) |
|
$ |
9,919 |
|
|
$ |
27 |
|
|
|
0.1 |
% |
|
|
3.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Change |
|
|
0.5 |
% |
|
|
(2.6 |
%) |
|
|
2.0 |
% |
|
|
0.9 |
% |
|
|
|
|
|
|
||
June YTD 2024 vs. June YTD 2023 |
||||||||||||||||||||||||
Same Store Results/Statistics Including 77,054 Same Store Apartment Units |
||||||||||||||||||||||||
(includes Residential and Non-Residential) |
||||||||||||||||||||||||
($ in thousands except for Average Rental Rate) |
||||||||||||||||||||||||
|
|
Results |
|
|
Statistics |
|
||||||||||||||||||
Description |
|
Revenues |
|
|
Expenses |
|
|
NOI |
|
|
Average
|
|
|
Physical
|
|
|
Turnover |
|
||||||
June YTD 2024 |
|
$ |
1,432,565 |
|
|
$ |
455,437 |
|
|
$ |
977,128 |
|
|
$ |
3,093 |
|
|
|
96.3 |
% |
|
|
20.2 |
% |
June YTD 2023 |
|
$ |
1,383,857 |
|
|
$ |
446,721 |
|
|
$ |
937,136 |
|
|
$ |
3,004 |
|
|
|
95.9 |
% |
|
|
20.7 |
% |
Change |
|
$ |
48,708 |
|
|
$ |
8,716 |
|
|
$ |
39,992 |
|
|
$ |
89 |
|
|
|
0.4 |
% |
|
|
(0.5 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Change |
|
|
3.5 |
% |
|
|
2.0 |
% |
|
|
4.3 |
% |
|
|
3.0 |
% |
|
|
|
|
|
|
||
Equity Residential |
Same Store Residential Revenues – GAAP to Cash Basis (1) |
|||||||||||||||||||||||
($ in thousands) |
|||||||||||||||||||||||
|
Second Quarter 2024 vs. Second Quarter 2023 |
|
Second Quarter 2024 vs. First Quarter 2024 |
|
June YTD 2024 vs. June YTD 2023 |
||||||||||||||||||
|
77,054 Same Store Apartment Units |
|
77,893 Same Store Apartment Units |
|
77,054 Same Store Apartment Units |
||||||||||||||||||
|
Q2 2024 |
|
Q2 2023 |
|
Q2 2024 |
|
Q1 2024 |
|
June YTD 2024 |
|
June YTD 2023 |
||||||||||||
Same Store Residential Revenues (GAAP Basis) |
$ |
691,798 |
|
|
$ |
671,601 |
|
|
$ |
696,769 |
|
|
$ |
689,803 |
|
|
$ |
1,376,668 |
|
|
$ |
1,330,997 |
|
Leasing Concessions amortized |
|
4,911 |
|
|
|
3,179 |
|
|
|
5,014 |
|
|
|
5,155 |
|
|
|
9,964 |
|
|
|
5,940 |
|
Leasing Concessions granted (2) |
|
(3,702 |
) |
|
|
(4,004 |
) |
|
|
(3,815 |
) |
|
|
(4,935 |
) |
|
|
(8,620 |
) |
|
|
(8,162 |
) |
Same Store Residential Revenues with Leasing |
|||||||||||||||||||||||
Concessions on a cash basis |
$ |
693,007 |
|
|
$ |
670,776 |
|
|
$ |
697,968 |
|
|
$ |
690,023 |
|
|
$ |
1,378,012 |
|
|
$ |
1,328,775 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
% change - GAAP revenue |
|
3.0 |
% |
|
|
|
|
|
1.0 |
% |
|
|
|
|
|
3.4 |
% |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
% change - cash revenue |
|
3.3 |
% |
|
|
|
|
|
1.2 |
% |
|
|
|
|
|
3.7 |
% |
|
|
|
|||
(1) |
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional detail. |
(2) |
Concession usage is primarily concentrated in San Francisco, Los Angeles and Seattle. |
Same Store Net Operating Income By Quarter |
||||||||||||||||||||
Including 77,054 Same Store Apartment Units |
||||||||||||||||||||
(includes Residential and Non-Residential) |
||||||||||||||||||||
($ in thousands) |
||||||||||||||||||||
|
|
Q2 2024 |
|
Q1 2024 |
|
Q4 2023 |
|
Q3 2023 |
|
Q2 2023 |
||||||||||
Same store revenues |
|
$ |
718,169 |
|
|
$ |
714,396 |
|
|
$ |
706,419 |
|
|
$ |
702,251 |
|
|
$ |
697,784 |
|
Same store expenses |
|
|
224,525 |
|
|
|
230,912 |
|
|
|
216,956 |
|
|
|
222,907 |
|
|
|
218,681 |
|
Same store NOI |
|
$ |
493,644 |
|
|
$ |
483,484 |
|
|
$ |
489,463 |
|
|
$ |
479,344 |
|
|
$ |
479,103 |
|
Equity Residential |
Same Store Residential Accounts Receivable Balances |
||||||||||||
Including 77,054 Same Store Apartment Units |
||||||||||||
($ in thousands) |
||||||||||||
Balance Sheet (Other assets): |
|
June 30, 2024 |
|
March 31, 2024 |
|
June 30, 2023 |
||||||
Residential accounts receivable balances |
|
$ |
16,271 |
|
|
$ |
18,120 |
|
|
$ |
26,534 |
|
Allowance for doubtful accounts |
|
|
(11,147 |
) |
|
|
(13,063 |
) |
|
|
(22,217 |
) |
Net receivable balances |
$ |
5,124 |
|
|
$ |
5,057 |
|
|
$ |
4,317 |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Straight-line receivable balances |
|
$ |
7,088 |
|
(1) |
$ |
8,297 |
|
|
$ |
6,506 |
|
(1) |
Total same store Residential Leasing Concessions granted in the second quarter of 2024 were approximately $3.7 million. The straight-line receivable balance of $7.1 million reflects Residential Leasing Concessions that the Company expects will be primarily recognized as a reduction of rental revenues in the remainder of 2024 and the first half of 2025. |
Same Store Residential Bad Debt |
||||||||||||
Including 77,054 Same Store Apartment Units |
||||||||||||
($ in thousands) |
||||||||||||
Income Statement (Rental income): |
|
Q2 2024 |
|
|
Q1 2024 |
|
|
Q2 2023 |
|
|||
Bad debts before governmental rental assistance |
|
$ |
8,066 |
|
|
$ |
9,141 |
|
|
$ |
9,483 |
|
Governmental rental assistance received |
|
(413 |
) |
|
|
(430 |
) |
|
|
(660 |
) |
|
Bad Debt, Net |
|
$ |
7,653 |
|
|
$ |
8,711 |
|
|
$ |
8,823 |
|
|
|
|
|
|
|
|
|
|
|
|||
Bad Debt, Net as a % of Same Store Residential Revenues |
|
1.1 |
% |
|
|
1.3 |
% |
|
|
1.3 |
% |
|
Equity Residential |
Second Quarter 2024 vs. Second Quarter 2023 |
Same Store Residential Results/Statistics by Market |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) from Prior Year's Quarter |
|||||||||||||||||||||||||||
Markets/Metro Areas |
|
Apartment
|
|
Q2 2024
|
|
Q2 2024
|
|
Q2 2024
|
|
Q2 2024
|
|
Revenues |
|
Expenses |
|
NOI |
|
Average
|
|
Physical
|
|
Turnover |
||||||||||||||||||||||
Los Angeles |
|
|
14,135 |
|
|
|
17.6 |
% |
|
$ |
2,933 |
|
|
|
95.7 |
% |
|
|
11.7 |
% |
|
|
3.3 |
% |
|
|
1.4 |
% |
|
|
4.2 |
% |
|
|
2.5 |
% |
|
|
0.7 |
% |
|
|
0.3 |
% |
Orange County |
|
|
3,718 |
|
|
|
5.1 |
% |
|
|
2,914 |
|
|
|
95.9 |
% |
|
|
10.8 |
% |
|
|
3.7 |
% |
|
|
3.5 |
% |
|
|
3.8 |
% |
|
|
3.8 |
% |
|
|
0.0 |
% |
|
|
0.2 |
% |
San Diego |
|
|
2,878 |
|
|
|
4.2 |
% |
|
|
3,127 |
|
|
|
95.9 |
% |
|
|
11.6 |
% |
|
|
4.5 |
% |
|
|
0.8 |
% |
|
|
5.6 |
% |
|
|
4.4 |
% |
|
|
0.1 |
% |
|
|
1.7 |
% |
Subtotal – Southern California |
|
20,731 |
|
|
|
26.9 |
% |
|
|
2,957 |
|
|
|
95.8 |
% |
|
|
11.5 |
% |
|
|
3.6 |
% |
|
|
1.6 |
% |
|
|
4.3 |
% |
|
|
3.0 |
% |
|
|
0.5 |
% |
|
|
0.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Washington, D.C. |
|
|
14,554 |
|
|
|
16.6 |
% |
|
|
2,707 |
|
|
|
97.0 |
% |
|
|
11.4 |
% |
|
|
4.8 |
% |
|
|
2.4 |
% |
|
|
5.9 |
% |
|
|
4.6 |
% |
|
|
0.2 |
% |
|
|
0.8 |
% |
San Francisco |
|
|
11,188 |
|
|
|
16.1 |
% |
|
|
3,323 |
|
|
|
96.1 |
% |
|
|
11.6 |
% |
|
|
1.3 |
% |
|
|
(2.0 |
%) |
|
|
2.7 |
% |
|
|
0.8 |
% |
|
|
0.4 |
% |
|
|
0.7 |
% |
New York |
|
|
8,536 |
|
|
|
14.1 |
% |
|
|
4,610 |
|
|
|
97.4 |
% |
|
|
9.5 |
% |
|
|
3.1 |
% |
|
|
5.0 |
% |
|
|
1.7 |
% |
|
|
2.7 |
% |
|
|
0.3 |
% |
|
|
(0.6 |
%) |
Boston |
|
|
7,077 |
|
|
|
11.3 |
% |
|
|
3,609 |
|
|
|
96.7 |
% |
|
|
11.4 |
% |
|
|
4.2 |
% |
|
|
5.0 |
% |
|
|
4.0 |
% |
|
|
4.0 |
% |
|
|
0.2 |
% |
|
|
(0.2 |
%) |
Seattle |
|
|
9,266 |
|
|
|
10.3 |
% |
|
|
2,604 |
|
|
|
96.2 |
% |
|
|
12.4 |
% |
|
|
1.5 |
% |
|
|
4.8 |
% |
|
|
0.2 |
% |
|
|
0.3 |
% |
|
|
1.1 |
% |
|
|
(2.0 |
%) |
Denver |
|
|
2,505 |
|
|
|
2.6 |
% |
|
|
2,428 |
|
|
|
96.8 |
% |
|
|
14.3 |
% |
|
|
1.0 |
% |
|
|
0.0 |
% |
|
|
1.4 |
% |
|
|
0.6 |
% |
|
|
0.6 |
% |
|
|
(2.8 |
%) |
Other Expansion Markets |
|
|
3,197 |
|
|
|
2.1 |
% |
|
|
1,970 |
|
|
|
95.1 |
% |
|
|
16.2 |
% |
|
|
(0.7 |
%) |
|
|
5.2 |
% |
|
|
(4.9 |
%) |
|
|
(1.0 |
%) |
|
|
0.2 |
% |
|
|
1.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
|
|
77,054 |
|
|
|
100.0 |
% |
|
$ |
3,107 |
|
|
|
96.4 |
% |
|
|
11.7 |
% |
|
|
3.0 |
% |
|
|
2.6 |
% |
|
|
3.2 |
% |
|
|
2.5 |
% |
|
|
0.5 |
% |
|
|
0.1 |
% |
Note: The above table reflects Residential same store results only. Residential operations account for approximately 96.2% of total revenues for the six months ended June 30, 2024.
Equity Residential |
Second Quarter 2024 vs. First Quarter 2024 |
Same Store Residential Results/Statistics by Market |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) from Prior Quarter |
|||||||||||||||||||||||||||
Markets/Metro Areas |
|
Apartment
|
|
Q2 2024
|
|
Q2 2024
|
|
Q2 2024
|
|
Q2 2024
|
|
Revenues |
|
Expenses |
|
NOI |
|
Average
|
|
Physical
|
|
Turnover |
||||||||||||||||||||||
Los Angeles |
|
|
14,135 |
|
|
|
17.5 |
% |
|
$ |
2,933 |
|
|
|
95.7 |
% |
|
|
11.7 |
% |
|
|
0.7 |
% |
|
|
(5.6 |
%) |
|
|
3.5 |
% |
|
|
0.4 |
% |
|
|
0.2 |
% |
|
|
2.1 |
% |
Orange County |
|
|
3,718 |
|
|
|
5.1 |
% |
|
|
2,914 |
|
|
|
95.9 |
% |
|
|
10.8 |
% |
|
|
0.2 |
% |
|
|
0.2 |
% |
|
|
0.2 |
% |
|
|
0.5 |
% |
|
|
(0.2 |
%) |
|
|
3.4 |
% |
San Diego |
|
|
2,878 |
|
|
|
4.2 |
% |
|
|
3,127 |
|
|
|
95.9 |
% |
|
|
11.6 |
% |
|
|
0.6 |
% |
|
|
(1.7 |
%) |
|
|
1.3 |
% |
|
|
0.8 |
% |
|
|
(0.2 |
%) |
|
|
3.6 |
% |
Subtotal – Southern California |
|
20,731 |
|
|
|
26.8 |
% |
|
|
2,957 |
|
|
|
95.8 |
% |
|
|
11.5 |
% |
|
|
0.6 |
% |
|
|
(4.3 |
%) |
|
|
2.5 |
% |
|
|
0.5 |
% |
|
|
0.1 |
% |
|
|
2.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Washington, D.C. |
|
|
14,554 |
|
|
|
16.4 |
% |
|
|
2,707 |
|
|
|
97.0 |
% |
|
|
11.4 |
% |
|
|
1.5 |
% |
|
|
0.9 |
% |
|
|
1.7 |
% |
|
|
1.6 |
% |
|
|
(0.1 |
%) |
|
|
4.4 |
% |
San Francisco |
|
|
11,188 |
|
|
|
16.0 |
% |
|
|
3,323 |
|
|
|
96.1 |
% |
|
|
11.6 |
% |
|
|
0.5 |
% |
|
|
(9.1 |
%) |
|
|
4.9 |
% |
|
|
0.9 |
% |
|
|
(0.4 |
%) |
|
|
2.1 |
% |
New York |
|
|
8,536 |
|
|
|
14.0 |
% |
|
|
4,610 |
|
|
|
97.4 |
% |
|
|
9.5 |
% |
|
|
0.7 |
% |
|
|
(2.6 |
%) |
|
|
3.2 |
% |
|
|
0.4 |
% |
|
|
0.4 |
% |
|
|
3.0 |
% |
Boston |
|
|
7,077 |
|
|
|
11.2 |
% |
|
|
3,609 |
|
|
|
96.7 |
% |
|
|
11.4 |
% |
|
|
2.6 |
% |
|
|
(2.6 |
%) |
|
|
4.7 |
% |
|
|
1.5 |
% |
|
|
1.0 |
% |
|
|
4.0 |
% |
Seattle |
|
|
9,266 |
|
|
|
10.2 |
% |
|
|
2,604 |
|
|
|
96.2 |
% |
|
|
12.4 |
% |
|
|
1.5 |
% |
|
|
2.5 |
% |
|
|
1.1 |
% |
|
|
1.3 |
% |
|
|
0.1 |
% |
|
|
2.7 |
% |
Denver |
|
|
2,792 |
|
|
|
2.9 |
% |
|
|
2,417 |
|
|
|
96.8 |
% |
|
|
14.0 |
% |
|
|
0.9 |
% |
|
|
(4.0 |
%) |
|
|
3.1 |
% |
|
|
0.3 |
% |
|
|
0.6 |
% |
|
|
3.5 |
% |
Other Expansion Markets |
|
|
3,749 |
|
|
|
2.5 |
% |
|
|
1,963 |
|
|
|
95.2 |
% |
|
|
16.2 |
% |
|
|
(0.2 |
%) |
|
|
4.5 |
% |
|
|
(3.7 |
%) |
|
|
(0.2 |
%) |
|
|
0.0 |
% |
|
|
3.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
|
|
77,893 |
|
|
|
100.0 |
% |
|
$ |
3,096 |
|
|
|
96.4 |
% |
|
|
11.7 |
% |
|
|
1.0 |
% |
|
|
(2.7 |
%) |
|
|
2.8 |
% |
|
|
0.9 |
% |
|
|
0.1 |
% |
|
|
3.1 |
% |
Note: The above table reflects Residential same store results only. Residential operations account for approximately 96.2% of total revenues for the six months ended June 30, 2024.
Equity Residential |
June YTD 2024 vs. June YTD 2023 |
Same Store Residential Results/Statistics by Market |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (Decrease) from Prior Year |
|||||||||||||||||||||||||||
Markets/Metro Areas |
|
Apartment
|
|
June YTD 24
|
|
June YTD 24
|
|
June YTD 24
|
|
June YTD 24
|
|
Revenues |
|
Expenses |
|
NOI |
|
Average
|
|
Physical
|
|
Turnover |
||||||||||||||||||||||
Los Angeles |
|
|
14,135 |
|
|
|
17.5 |
% |
|
$ |
2,927 |
|
|
|
95.6 |
% |
|
|
21.3 |
% |
|
|
4.2 |
% |
|
|
1.4 |
% |
|
|
5.5 |
% |
|
|
3.9 |
% |
|
|
0.4 |
% |
|
|
(0.1 |
%) |
Orange County |
|
|
3,718 |
|
|
|
5.2 |
% |
|
|
2,907 |
|
|
|
96.0 |
% |
|
|
18.2 |
% |
|
|
4.8 |
% |
|
|
3.5 |
% |
|
|
5.2 |
% |
|
|
4.9 |
% |
|
|
(0.1 |
%) |
|
|
0.2 |
% |
San Diego |
|
|
2,878 |
|
|
|
4.3 |
% |
|
|
3,115 |
|
|
|
96.0 |
% |
|
|
19.6 |
% |
|
|
5.5 |
% |
|
|
0.9 |
% |
|
|
6.9 |
% |
|
|
5.0 |
% |
|
|
0.4 |
% |
|
|
0.0 |
% |
Subtotal – Southern California |
|
20,731 |
|
|
|
27.0 |
% |
|
|
2,950 |
|
|
|
95.7 |
% |
|
|
20.5 |
% |
|
|
4.5 |
% |
|
|
1.7 |
% |
|
|
5.7 |
% |
|
|
4.2 |
% |
|
|
0.3 |
% |
|
|
0.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Washington, D.C. |
|
|
14,554 |
|
|
|
16.7 |
% |
|
|
2,686 |
|
|
|
97.0 |
% |
|
|
18.4 |
% |
|
|
5.1 |
% |
|
|
0.3 |
% |
|
|
7.5 |
% |
|
|
4.8 |
% |
|
|
0.3 |
% |
|
|
0.5 |
% |
San Francisco |
|
|
11,188 |
|
|
|
15.9 |
% |
|
|
3,308 |
|
|
|
96.3 |
% |
|
|
21.1 |
% |
|
|
1.7 |
% |
|
|
0.0 |
% |
|
|
2.4 |
% |
|
|
1.1 |
% |
|
|
0.6 |
% |
|
|
0.8 |
% |
New York |
|
|
8,536 |
|
|
|
14.1 |
% |
|
|
4,601 |
|
|
|
97.2 |
% |
|
|
16.1 |
% |
|
|
3.5 |
% |
|
|
4.1 |
% |
|
|
3.1 |
% |
|
|
3.2 |
% |
|
|
0.3 |
% |
|
|
(1.5 |
%) |
Boston |
|
|
7,077 |
|
|
|
11.2 |
% |
|
|
3,583 |
|
|
|
96.2 |
% |
|
|
18.8 |
% |
|
|
4.5 |
% |
|
|
1.2 |
% |
|
|
5.9 |
% |
|
|
4.3 |
% |
|
|
0.2 |
% |
|
|
(0.8 |
%) |
Seattle |
|
|
9,266 |
|
|
|
10.4 |
% |
|
|
2,587 |
|
|
|
96.2 |
% |
|
|
22.2 |
% |
|
|
1.0 |
% |
|
|
4.9 |
% |
|
|
(0.6 |
%) |
|
|
(0.1 |
%) |
|
|
1.1 |
% |
|
|
(3.3 |
%) |
Denver |
|
|
2,505 |
|
|
|
2.6 |
% |
|
|
2,421 |
|
|
|
96.5 |
% |
|
|
24.4 |
% |
|
|
1.1 |
% |
|
|
(0.2 |
%) |
|
|
1.7 |
% |
|
|
1.1 |
% |
|
|
0.2 |
% |
|
|
(3.8 |
%) |
Other Expansion Markets |
|
|
3,197 |
|
|
|
2.1 |
% |
|
|
1,972 |
|
|
|
95.3 |
% |
|
|
29.5 |
% |
|
|
0.1 |
% |
|
|
0.3 |
% |
|
|
0.0 |
% |
|
|
(0.5 |
%) |
|
|
0.4 |
% |
|
|
2.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
|
|
77,054 |
|
|
|
100.0 |
% |
|
$ |
3,093 |
|
|
|
96.3 |
% |
|
|
20.2 |
% |
|
|
3.4 |
% |
|
|
1.9 |
% |
|
|
4.2 |
% |
|
|
3.0 |
% |
|
|
0.4 |
% |
|
|
(0.5 |
%) |
Note: The above table reflects Residential same store results only. Residential operations account for approximately 96.2% of total revenues for the six months ended June 30, 2024.
Equity Residential |
Same Store Residential Net Effective Lease Pricing Statistics |
||||||||||||||||||||||||
For 77,054 Same Store Apartment Units |
||||||||||||||||||||||||
|
|
New Lease Change (1) |
|
Renewal Rate Achieved (1) |
|
Blended Rate (1) |
||||||||||||||||||
Markets/Metro Areas |
|
Q2 2024 |
|
Q1 2024 |
|
Q2 2024 |
|
Q1 2024 |
|
Q2 2024 |
|
Q1 2024 |
||||||||||||
Southern California |
|
|
(2.4 |
%) |
|
|
(3.6 |
%) |
|
|
4.5 |
% |
|
|
4.4 |
% |
|
|
1.5 |
% |
|
|
0.5 |
% |
Washington, D.C. |
|
|
4.9 |
% |
|
|
1.6 |
% |
|
|
6.7 |
% |
|
|
5.7 |
% |
|
|
5.9 |
% |
|
|
4.0 |
% |
San Francisco |
|
|
0.4 |
% |
|
|
(1.1 |
%) |
|
|
5.1 |
% |
|
|
4.1 |
% |
|
|
2.9 |
% |
|
|
1.7 |
% |
New York |
|
|
3.5 |
% |
|
|
(1.1 |
%) |
|
|
4.4 |
% |
|
|
4.1 |
% |
|
|
4.0 |
% |
|
|
2.2 |
% |
Boston |
|
|
0.3 |
% |
|
|
(3.4 |
%) |
|
|
5.0 |
% |
|
|
5.2 |
% |
|
|
3.0 |
% |
|
|
1.0 |
% |
Seattle |
|
|
0.5 |
% |
|
|
(1.2 |
%) |
|
|
5.3 |
% |
|
|
6.1 |
% |
|
|
3.3 |
% |
|
|
2.8 |
% |
Subtotal – Established Markets |
|
|
0.9 |
% |
|
|
(1.8 |
%) |
|
|
5.1 |
% |
|
|
4.8 |
% |
|
|
3.3 |
% |
|
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Denver |
|
|
(4.6 |
%) |
|
|
(6.3 |
%) |
|
|
3.9 |
% |
|
|
4.3 |
% |
|
|
(0.4 |
%) |
|
|
(2.0 |
%) |
Other Expansion Markets |
|
|
(12.5 |
%) |
|
|
(8.8 |
%) |
|
|
2.7 |
% |
|
|
4.1 |
% |
|
|
(6.2 |
%) |
|
|
(3.8 |
%) |
Subtotal – Expansion Markets |
|
|
(9.0 |
%) |
|
|
(7.7 |
%) |
|
|
3.3 |
% |
|
|
4.2 |
% |
|
|
(3.5 |
%) |
|
|
(2.9 |
%) |
Total |
|
|
0.2 |
% |
|
|
(2.2 |
%) |
|
|
5.0 |
% |
|
|
4.7 |
% |
|
|
2.9 |
% |
|
|
1.6 |
% |
(1) |
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for definitions. |
Equity Residential |
Second Quarter 2024 vs. Second Quarter 2023 |
||||||||||||||||||||
Total Same Store Operating Expenses Including 77,054 Same Store Apartment Units |
||||||||||||||||||||
(includes Residential and Non-Residential) |
||||||||||||||||||||
($ in thousands) |
||||||||||||||||||||
|
|
Q2 2024 |
|
Q2 2023 |
|
$
|
|
%
|
|
% of
|
||||||||||
Real estate taxes |
|
$ |
93,565 |
|
|
$ |
90,629 |
|
|
$ |
2,936 |
|
|
|
3.2 |
% |
|
|
41.7 |
% |
On-site payroll |
|
|
42,531 |
|
|
|
42,507 |
|
|
|
24 |
|
|
|
0.1 |
% |
|
|
18.9 |
% |
Utilities |
|
|
32,340 |
|
|
|
31,537 |
|
|
|
803 |
|
|
|
2.5 |
% |
|
|
14.4 |
% |
Repairs and maintenance |
|
|
31,556 |
|
|
|
31,194 |
|
|
|
362 |
|
|
|
1.2 |
% |
|
|
14.1 |
% |
Insurance |
|
|
9,307 |
|
|
|
8,427 |
|
|
|
880 |
|
|
|
10.4 |
% |
|
|
4.1 |
% |
Leasing and advertising |
|
|
2,691 |
|
|
|
2,535 |
|
|
|
156 |
|
|
|
6.2 |
% |
|
|
1.2 |
% |
Other on-site operating expenses |
|
|
12,535 |
|
|
|
11,852 |
|
|
|
683 |
|
|
|
5.8 |
% |
|
|
5.6 |
% |
Total Same Store Operating Expenses (2) |
|
$ |
224,525 |
|
|
$ |
218,681 |
|
|
$ |
5,844 |
|
|
|
2.7 |
% |
|
|
100.0 |
% |
June YTD 2024 vs. June YTD 2023 |
||||||||||||||||||||
Total Same Store Operating Expenses Including 77,054 Same Store Apartment Units |
||||||||||||||||||||
(includes Residential and Non-Residential) |
||||||||||||||||||||
($ in thousands) |
||||||||||||||||||||
|
|
YTD 2024 |
|
YTD 2023 |
|
$
|
|
%
|
|
% of
|
||||||||||
Real estate taxes |
|
$ |
187,555 |
|
|
$ |
181,258 |
|
|
$ |
6,297 |
|
|
|
3.5 |
% |
|
|
41.2 |
% |
On-site payroll |
|
|
85,454 |
|
|
|
85,116 |
|
|
|
338 |
|
|
|
0.4 |
% |
|
|
18.8 |
% |
Utilities |
|
|
69,366 |
|
|
|
70,530 |
|
|
|
(1,164 |
) |
|
|
(1.7 |
%) |
|
|
15.2 |
% |
Repairs and maintenance |
|
|
61,242 |
|
|
|
61,555 |
|
|
|
(313 |
) |
|
|
(0.5 |
%) |
|
|
13.4 |
% |
Insurance |
|
|
18,614 |
|
|
|
16,853 |
|
|
|
1,761 |
|
|
|
10.4 |
% |
|
|
4.1 |
% |
Leasing and advertising |
|
|
5,052 |
|
|
|
5,111 |
|
|
|
(59 |
) |
|
|
(1.2 |
%) |
|
|
1.1 |
% |
Other on-site operating expenses |
|
|
28,154 |
|
|
|
26,298 |
|
|
|
1,856 |
|
|
|
7.1 |
% |
|
|
6.2 |
% |
Total Same Store Operating Expenses (2) |
|
$ |
455,437 |
|
|
$ |
446,721 |
|
|
$ |
8,716 |
|
|
|
2.0 |
% |
|
|
100.0 |
% |
(1) |
The year-over-year changes were primarily driven by the following factors: |
|
|
Real estate taxes – Increase due to escalation in rates and assessed values including an approximately one percentage point contribution to growth from 421-a tax abatement burnoffs in New York City. Once the burnoffs are completed, previously rent-restricted apartment units will transition to market. |
|
|
|
On-site payroll – Modest increase due primarily to higher wages partially offset by the impact of various innovation initiatives. |
|
|
|
Utilities – Decrease primarily driven by lower commodity prices for gas and electric. |
|
|
|
Repairs and maintenance – Decrease primarily driven by lower resident Turnover compared to the same period of 2023 and a benefit from a relatively easy comparable period. |
|
|
|
Insurance – Increase due to higher premiums on property insurance renewal due to conditions in the insurance market that while less difficult than recent years, remain challenging. |
|
|
|
Other on-site operating expenses – Increase primarily driven by higher property-related legal expenses. |
|
|
|
(2) |
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details. |
Equity Residential |
Debt Summary as of June 30, 2024 |
||||||||||||||||
($ in thousands) |
||||||||||||||||
|
|
Debt
|
|
% of Total |
|
Weighted
|
|
Weighted
|
||||||||
Secured |
|
$ |
1,634,838 |
|
|
|
22.8 |
% |
|
|
3.86 |
% |
|
|
7.4 |
|
Unsecured |
|
|
5,522,345 |
|
|
|
77.2 |
% |
|
|
3.63 |
% |
|
|
8.0 |
|
Total |
|
$ |
7,157,183 |
|
|
|
100.0 |
% |
|
|
3.69 |
% |
|
|
7.9 |
|
Fixed Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Secured – Conventional |
|
$ |
1,399,844 |
|
|
|
19.5 |
% |
|
|
3.89 |
% |
|
|
6.9 |
|
Unsecured – Public |
|
|
5,351,461 |
|
|
|
74.8 |
% |
|
|
3.52 |
% |
|
|
8.3 |
|
Fixed Rate Debt |
|
|
6,751,305 |
|
|
|
94.3 |
% |
|
|
3.60 |
% |
|
|
8.0 |
|
Floating Rate Debt: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Secured – Tax Exempt |
|
|
234,994 |
|
|
|
3.3 |
% |
|
|
3.69 |
% |
|
|
10.1 |
|
Unsecured – Revolving Credit Facility |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3.3 |
|
Unsecured – Commercial Paper Program (2) |
|
|
170,884 |
|
|
|
2.4 |
% |
|
|
5.59 |
% |
|
|
— |
|
Floating Rate Debt |
|
|
405,878 |
|
|
|
5.7 |
% |
|
|
4.75 |
% |
|
|
6.0 |
|
Total |
|
$ |
7,157,183 |
|
|
|
100.0 |
% |
|
|
3.69 |
% |
|
|
7.9 |
|
(1) |
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details. |
(2) |
At June 30, 2024, the weighted average maturity of commercial paper outstanding was 5 days. The weighted average amount outstanding for the six months ended June 30, 2024 was approximately $300.1 million. |
Note: The Company capitalized interest of approximately $6.9 million and $7.0 million during the six months ended June 30, 2024 and 2023, respectively. The Company capitalized interest of approximately $3.8 million and $3.6 million during the quarters ended June 30, 2024 and 2023, respectively. |
|
Equity Residential |
Debt Maturity Schedule as of June 30, 2024 |
||||||||||||||||||||||||
($ in thousands) |
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Year |
|
Fixed
|
|
Floating
|
|
Total |
|
% of Total |
|
Weighted
|
|
Weighted
|
||||||||||||
2024 |
|
$ |
— |
|
|
$ |
177,200 |
|
(2) |
$ |
177,200 |
|
|
|
2.5 |
% |
|
|
— |
|
|
|
5.48 |
% |
2025 |
|
|
450,000 |
|
|
|
8,100 |
|
|
|
458,100 |
|
|
|
6.3 |
% |
|
|
3.38 |
% |
|
|
3.39 |
% |
2026 |
|
|
592,025 |
|
|
|
9,000 |
|
|
|
601,025 |
|
|
|
8.3 |
% |
|
|
3.58 |
% |
|
|
3.59 |
% |
2027 |
|
|
400,000 |
|
|
|
9,800 |
|
|
|
409,800 |
|
|
|
5.7 |
% |
|
|
3.25 |
% |
|
|
3.27 |
% |
2028 |
|
|
900,000 |
|
|
|
10,700 |
|
|
|
910,700 |
|
|
|
12.6 |
% |
|
|
3.79 |
% |
|
|
3.79 |
% |
2029 |
|
|
888,120 |
|
|
|
11,500 |
|
|
|
899,620 |
|
|
|
12.4 |
% |
|
|
3.30 |
% |
|
|
3.31 |
% |
2030 |
|
|
1,148,462 |
|
|
|
12,700 |
|
|
|
1,161,162 |
|
|
|
16.1 |
% |
|
|
2.53 |
% |
|
|
2.55 |
% |
2031 |
|
|
528,500 |
|
|
|
39,800 |
|
|
|
568,300 |
|
|
|
7.9 |
% |
|
|
1.94 |
% |
|
|
2.08 |
% |
2032 |
|
|
— |
|
|
|
28,000 |
|
|
|
28,000 |
|
|
|
0.4 |
% |
|
|
— |
|
|
|
4.20 |
% |
2033 |
|
|
550,000 |
|
|
|
2,300 |
|
|
|
552,300 |
|
|
|
7.6 |
% |
|
|
5.22 |
% |
|
|
5.22 |
% |
2034+ |
|
|
1,350,850 |
|
|
|
108,600 |
|
|
|
1,459,450 |
|
|
|
20.2 |
% |
|
|
4.39 |
% |
|
|
4.30 |
% |
Subtotal |
|
|
6,807,957 |
|
|
|
417,700 |
|
|
|
7,225,657 |
|
|
|
100.0 |
% |
|
|
3.53 |
% |
|
|
3.58 |
% |
Deferred Financing Costs and Unamortized (Discount) |
|
|
(56,652 |
) |
|
|
(11,822 |
) |
|
|
(68,474 |
) |
|
N/A |
|
|
N/A |
|
|
N/A |
|
|||
Total |
|
$ |
6,751,305 |
|
|
$ |
405,878 |
|
|
$ |
7,157,183 |
|
|
|
100.0 |
% |
|
|
3.53 |
% |
|
|
3.58 |
% |
(1) |
See Additional Reconciliations and Definitions of Non-GAAP Financial Measures and Other Terms for additional details. |
(2) |
Includes $171.0 million in principal outstanding on the Company's Commercial Paper Program. |
Equity Residential |
Selected Unsecured Public Debt Covenants |
||||
|
|
June 30, |
|
March 31, |
|
|
2024 |
|
2024 |
Debt to Adjusted Total Assets (not to exceed 60%) |
|
25.6% |
|
25.8% |
|
|
|
|
|
Secured Debt to Adjusted Total Assets (not to exceed 40%) |
|
6.7% |
|
6.7% |
|
|
|
|
|
Consolidated Income Available for Debt Service to |
||||
Maximum Annual Service Charges
|
|
6.68 |
|
6.41 |
|
|
|
|
|
Total Unencumbered Assets to Unsecured Debt |
||||
(must be at least 125%) |
|
534.8% |
|
528.1% |
Note: These selected covenants represent the most restrictive financial covenants relating to ERP Operating Limited Partnership's ("ERPOP") outstanding public debt securities. Equity Residential is the general partner of ERPOP. |
Selected Credit Ratios |
||||
|
|
June 30, |
|
March 31, |
|
|
2024 |
|
2024 |
Total debt to Normalized EBITDAre |
|
3.96x |
|
4.01x |
|
|
|
|
|
Net debt to Normalized EBITDAre |
|
3.92x |
|
3.97x |
|
|
|
|
|
Unencumbered NOI as a % of total NOI |
|
89.6% |
|
89.6% |
Note: See Normalized EBITDAre Reconciliations for detail. |
Equity Residential |
Capital Structure as of June 30, 2024 |
||||||||||||||||||||
(Amounts in thousands except for share/unit and per share amounts) |
||||||||||||||||||||
Secured Debt |
|
|
|
|
|
|
|
$ |
1,634,838 |
|
|
|
22.8 |
% |
|
|
|
|||
Unsecured Debt |
|
|
|
|
|
|
|
|
5,522,345 |
|
|
|
77.2 |
% |
|
|
|
|||
Total Debt |
|
|
|
|
|
|
|
|
7,157,183 |
|
|
|
100.0 |
% |
|
|
20.9 |
% |
||
Common Shares (includes Restricted Shares) |
|
|
379,086,882 |
|
|
|
97.0 |
% |
|
|
|
|
|
|
|
|
|
|||
Units (includes OP Units and Restricted Units) |
|
|
11,663,842 |
|
|
|
3.0 |
% |
|
|
|
|
|
|
|
|
|
|||
Total Shares and Units |
|
|
390,750,724 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|||
Common Share Price at June 30, 2024 |
|
$ |
69.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
27,094,655 |
|
|
|
99.9 |
% |
|
|
|
|||
Perpetual Preferred Equity (see below) |
|
|
|
|
|
|
|
|
17,155 |
|
|
|
0.1 |
% |
|
|
|
|||
Total Equity |
|
|
|
|
|
|
|
|
27,111,810 |
|
|
|
100.0 |
% |
|
|
79.1 |
% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Total Market Capitalization |
|
|
|
|
|
|
|
$ |
34,268,993 |
|
|
|
|
|
|
100.0 |
% |
|||
Perpetual Preferred Equity as of June 30, 2024 |
||||||||||||||||||
(Amounts in thousands except for share and per share amounts) |
||||||||||||||||||
Series |
|
Call Date |
|
Outstanding
|
|
|
Liquidation
|
|
|
Annual
|
|
|
Annual
|
|
||||
Preferred Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
8.29% Series K |
|
12/10/26 |
|
|
343,100 |
|
|
$ |
17,155 |
|
|
$ |
4.145 |
|
|
$ |
1,422 |
|
Equity Residential |
Common Share and Unit |
Weighted Average Amounts Outstanding |
|
|
June YTD 2024 |
|
June YTD 2023 |
|
Q2 2024 |
|
Q2 2023 |
||||||||
Weighted Average Amounts Outstanding for Net Income Purposes: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Common Shares - basic |
|
|
378,699,050 |
|
|
|
378,492,171 |
|
|
|
378,578,395 |
|
|
|
378,641,804 |
|
Shares issuable from assumed conversion/vesting of: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
- OP Units |
|
|
10,680,864 |
|
|
|
11,449,790 |
|
|
|
10,692,382 |
|
|
|
11,390,569 |
|
- long-term compensation shares/units |
|
|
1,167,742 |
|
|
|
1,121,169 |
|
|
|
1,271,160 |
|
|
|
1,155,127 |
|
Total Common Shares and Units - diluted |
|
|
390,547,656 |
|
|
|
391,063,130 |
|
|
|
390,541,937 |
|
|
|
391,187,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted Average Amounts Outstanding for FFO and Normalized FFO Purposes: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Common Shares - basic |
|
|
378,699,050 |
|
|
|
378,492,171 |
|
|
|
378,578,395 |
|
|
|
378,641,804 |
|
OP Units - basic |
|
|
10,680,864 |
|
|
|
11,449,790 |
|
|
|
10,692,382 |
|
|
|
11,390,569 |
|
Total Common Shares and OP Units - basic |
|
|
389,379,914 |
|
|
|
389,941,961 |
|
|
|
389,270,777 |
|
|
|
390,032,373 |
|
Shares issuable from assumed conversion/vesting of: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
- long-term compensation shares/units |
|
|
1,167,742 |
|
|
|
1,121,169 |
|
|
|
1,271,160 |
|
|
|
1,155,127 |
|
Total Common Shares and Units - diluted |
|
|
390,547,656 |
|
|
|
391,063,130 |
|
|
|
390,541,937 |
|
|
|
391,187,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Period Ending Amounts Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Common Shares (includes Restricted Shares) |
|
|
379,086,882 |
|
|
|
379,032,722 |
|
|
|
|
|
|
|
||
Units (includes OP Units and Restricted Units) |
|
|
11,663,842 |
|
|
|
12,415,452 |
|
|
|
|
|
|
|
||
Total Shares and Units |
|
|
390,750,724 |
|
|
|
391,448,174 |
|
|
|
|
|
|
|
||
Equity Residential |
Development and Lease-Up Projects as of June 30, 2024 |
(Amounts in thousands except for project and apartment unit amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated/Actual |
|
|
||||||||||
Projects |
|
Location |
|
Ownership
|
|
No. of
|
|
|
Total
|
|
|
Total
|
|
|
Total
|
|
|
Percentage
|
|
Start
|
|
Initial
|
|
Completion
|
|
Stabilization
|
|
Percentage
|
||||
CONSOLIDATED: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Projects Under Development: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Laguna Clara II |
|
Santa Clara, CA |
|
100% |
|
|
225 |
|
|
$ |
152,621 |
|
|
$ |
107,556 |
|
|
$ |
— |
|
|
75% |
|
Q2 2022 |
|
Q4 2024 |
|
Q1 2025 |
|
Q4 2025 |
|
– / – |
The Basin |
|
Wakefield, MA |
|
95% |
|
|
440 |
|
|
|
||||||||||||||||||||||